The views are better in Pacific Heights — and maybe the real estate deals, too.

By Nina Hatvany

SALE PRICES of real estate in San Francisco’s southern neighborhoods have taken off dramatically in recent months. Noe Valley, Potrero Hill and South Beach are especially sought after by people who commute to the Peninsula, but still want to live in the city, or couples in which one person commutes south or to the East Bay. The south side generally offers better weather, proximity to the burgeoning restaurant scene in the Mission District, and often better access to muni or bart for commuters.

In contrast, the more established northern neighborhoods are still desirable, but aren’t experiencing the same surge in popularity, despite the views, the bustling retail streets and easy commuting to downtown and to Marin.

Areas like Pacific Heights, Presidio Heights, Cow Hollow and Russian Hill will always retain their allure. They are what I consider to be “blue chip” quality in the long term. But at the moment, while attention is focused southward, the properties coming up for sale in the northern neighborhoods are often a comparatively better deal — either by dollars per square foot, or because there are fewer people bidding on them and buyers therefore don’t encounter quite the same kind of bidding frenzy.

One could argue that now might be the time to buck the trend and revisit the traditionally more expensive neighborhoods, considering the southern craze.

But gut feelings on the real estate market have to be backed up with evidence, and in this case the evidence speaks volumes about how the southern neighborhoods are quickly catching up to — and in some cases surpassing — northern values, at least in certain price ranges.

For example, consider a typical search by a younger couple interested in both Pacific Heights and Noe Valley — arguably the most expensive neighborhoods in each of their geographies. Looking at recent sales results, I found that one- and two-bedroom condominiums with parking priced under $2 million were selling in the last three months in Noe Valley at an average of 13.2 percent above asking price and roughly $879.16 per square foot.

That’s hundreds of dollars per square foot more than prices in these up and coming areas just a few years ago. On average, the homes were on the market from the start of marketing to closing for only 22 days, meaning there was a high percentage of all-cash and preemptive offers.

In contrast, similar Pacific Heights home sales were averaging only 8.9 percent over asking price (indicating less competition) and $880 per square foot.

That’s a difference of only 84 cents per square foot between the neighborhoods — despite the fact that historically Pacific Heights has been San Francisco’s most expensive neighborhood.

This evidence speaks volumes. The competition for first-time or mid-range home buyers has soared in the southern neighborhoods, and there may well be some competitively priced deals to be had by turning one’s gaze back toward the bay. I will be encouraging clients to join me in living on the north side
of town.

Current Issue

STREET TALK

TWO TOP TOQUES AT FILLMORE & PINE

He’s not ready just yet to serve up the new name or the food concept planned for the now-shuttered and butcher-papered space on the northwest corner of Pine and Fillmore. But John Litz, who jettisoned the old Thai Stick sign last month, just introduced his partners in the venture he’s set to establish there: the top toque team of Sayat and Laura Ozyilmaz.

Between them, the two chefs have cooked at five of the 50 world’s best restaurants, according to the respected San Pellegrino list for 2018, including: 111 Madison Park and Le Bernardin in Manhattan, Blue Hill at Stone Barn in Tarrytown, N.Y., Murgaritz in San Sebastian, Spain, and San Francisco’s own Saison. All are either Michelin two or three star rated. Currently the duo are owner-chefs of Istanbul Modern SF, a pop-up restaurant on Russian Hill.

It seems fitting that the former shoe repair shop at 2448 Fillmore has been reborn as a shoe store. But while it offers ballet flats, as many other shops do, Rothy’s is not like the rest. Its flats are made in China from recycled plastic water bottles.

“Look good in your Rothy’s and feel good about your Rothy’s,” boasts the online company, which now has its first brick-and-mortar store.

THREE NEW SPOTS OPEN IN THE LOWER FILLMORE

The craft grocer Merchant Roots is now open at 1365 Fillmore, offering gourmet packaged items, prepared food and dinner three nights each week.

The LoMo got another notable new restaurant when the pop-up RTB Fillmore reopened in April at 1552 Fillmore as Avery. It offers tasting menus at $89, $189 and $289, with wine or sake pairings.

A few blocks south at 1521 Eddy, the Fillmore Social Club is open and serving up Korean cuisine in what once was Gussie’s Chicken & Waffles.

COMING TO FILLMORE: WINE WITH VERVE

The former Gimme Shoes shop at 2358 Fillmore — in recent months a series of pop-ups — now has its city approvals to be transformed into Verve, a wine store also offering tastings and other events.

Verve already has a similar shop in Manhattan’s Tribeca neighborhood, where it offers “a curated selection of global greatest hits.”

LET US COUNT OUR MICHELIN STARS

How fortunate are we to live in this neighborhood? The new Michelin guide offers a clue.

• Three Fillmore restaurants got a star: SPQR, the Progress and State Bird Provisions, plus Octavia at Octavia and Bush and Spruce on Sacramento.

• At 3127 Fillmore, Atelier Crenn got two stars.

• And we can still claim Quince, now all beautifully grown up in Jackson Square, which got a full set of three stars, and first planted its roots where Octavia is now.

That’s not all: Dosa and Sociale are on the Bib Gourmands list of restaurants with “exceptionally good food at moderate prices.” (And so is Quince’s handsome brother, Cotogna.)